Sal Mendolia Sells Eight-Story W’burg Building for $13.2M
Salvatore Mendolia-led 146 Skillman Plaza LLC has sold an 18,145-square-foot Williamsburg property with 19 residential units and a retail space for $13.2 million, property records and Mr. Mendolia confirmed, to David Ariel and Ely Elyassoff.
The elevator building at 143 Skillman Avenue between Manhattan and Graham Avenues, contains homes ranging in size from 350 square feet to 750 square feet. The retail space is 4,398 square feet and is leased to a language school through 2018, according to marketing materials for the site.
All together, the building generates a monthly income of $64,469. In addition, there are nine parking spaces, a laundry room and first-floor storage space, which collectively bring in a monthly rent of $2,700. The building has a small on-site gym and an outdoor patio on the second floor for tenants. There is a 15-year 421-a tax abatement in place at the building through 2027.
Elizabeth Tracy of EXR Group and Shaun Riney of Marcus & Millichap represented Mr. Mendolia’s LLC in the deal.
“The seller was looking and purely motivated to take profits,” Mr. Riney emailed, and the buyer bought it as part of a 1031 exchange.
Flatiron Real Estate Advisors‘ Paul Ramirez worked on behalf of the buyers. He wasn’t immediately reachable and Flatiron Real Estate Advisors Founder Steven J. Ancona didn’t immediately respond to a request for comment.